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U.S. weekly mortgage applications decline
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. fell 0.9 percent in the week ended August 16, following a 21.7
percent surge in the previous week.
According to
the report, applications to purchase a home fell 4 percent, while refinance
applications rose 0.4 percent.
Meanwhile, the
average fixed 30-year mortgage rate decreased to 3.90 percent from 3.93
percent.
“In a week
where worries over global economic growth drove U.S. Treasury yields 13 basis
points lower, the 30-year fixed mortgage rate decreased just 3 basis points. As
a result, the refinance index saw only a slight increase but remained at its
highest level since July 2016,” said Joel Kan, MBA’s associate vice president
of economic and industry forecasting. “The small moves in rates and refinancing
are potentially signs that lenders may be approaching capacity constraints as
they continue to deal with the largest wave of refinance activity in three
years.”
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